Securing a Strong Retirement Act passes House

The U.S. House of Representatives has passed a major bill that focuses on retirement saving. The Securing a Strong Retirement Act (SECURE 2.0) has many provisions that could affect retirees and people saving for the future. Among the provisions SECURE 2.0 covers: automatic enrollment in retirement plans; an increase in the beginning date of required […]

Proposal requires disclosure of foreign accounts holding crypto and digital assets

One of President Biden’s 2023 budget proposals would require that stakes in certain foreign financial accounts that hold cryptocurrencies and other digital assets be disclosed to the IRS. These enhanced reporting requirements are outlined in the U.S. Treasury Department’s “Green Book” of revenue estimates. They would apply to U.S. taxpayers who have more than $50,000 […]

Timing counts: Reporting subsequent events

Major events or transactions — such as a natural disaster, a cyberattack, a regulatory change or the loss of a large business contract — may happen after the reporting period ends but before financial statements are finalized. The decision of whether to report these so-called “subsequent events” is one of the gray areas in financial […]

Saving for Retirement Bill

Why aren’t more Americans saving enough for retirement? The Senate Health, Education, Labor and Pensions Committee is examining that question. The committee points to a General Accountability Office report that found some companies offered workers lump-sum buyouts without providing them with information needed to make good decisions. Another report said that nearly 40% of 401(k) […]

proposed Billionaire Minimum Income Tax

More details were released on March 28 about the proposed “Billionaire Minimum Income Tax.” This is the tax included in President Biden’s 2023 budget, but Congress would have to agree to any budget proposals before they could be enacted. By targeting the top 700 U.S. taxpayers, the White House said the tax would “ensure that […]

Ways to verify your identity with the IRS

Penalty Upheld

The U.S. Tax Court upheld trust fund recovery penalties imposed on a part-time bookkeeper for an urgent care center. He argued that as a part-time employee he wasn’t a “responsible person” for payroll taxes that weren’t paid over to the IRS. He claimed that the IRS settlement officer acted arbitrarily in assessing the penalty against […]

COVID tax breaks

Is your organization passing up COVID-19 related tax breaks? Possibly. Even as the pandemic wanes, Sec. 139 of the Internal Revenue Code remains in effect. It allows employees to exclude from gross income payments made by employers to cover “reasonable” personal, family, living or funeral expenses related to COVID-19 (and other declared disasters). However, employers […]

IRS notice pause for Tax-Exempt & Government entities

As the IRS continues to work through a backlog of unprocessed returns, Congress and tax professionals have pressured it to stop sending delinquent return and collection notices. Many taxpayers receiving such notices have already filed tax returns but the IRS hasn’t processed them yet. On March 25, the IRS announced it will temporarily suspend the […]

An Update on the New Madrid Earthquake Zone

Just a reminder, if you live near the New Madrid Zone you need Earthquake Insurance, and that’s no April fool joke. Here is the latest going on with the fault. There Have Been Over 40 New Madrid Quakes in March, But It’s OK – KHMO News-Talk-Sports https://bit.ly/372m1dC